Common use of Executive’s Right to Terminate Clause in Contracts

Executive’s Right to Terminate. Notwithstanding the provisions of Article 2.1, Executive shall have the right to terminate his employment under this Agreement at any time for any of the following reasons: (a) without Executive’s consent, a substantial and material diminishment of Executive’s duties, responsibilities and status with the Company as described in Article 1.2, above; (b) a reduction in Executive’s Base Salary and/or Job Title; (c) the Company’s requiring Executive to relocate anywhere other than Houston, Texas, except in the event Executive’s office is moved no more than 50 miles from its present location, or, in the event Executive consents to such relocation out of Houston, Texas, the failure by Company to pay or reimburse Executive for all reasonable moving expenses incurred by Executive relating to a change of Executive’s principal residence in connection with such relocation and to indemnify Executive against any loss (defined as the difference between the actual bona fide sale price of such residence and the fair market value of such residence as determined by a member of the Society of Real Estate Appraisers designated by Executive and satisfactory to Company) realized in the sale of Executive’s principal residence in connection with any such change of residence; and (d) for any other reason whatsoever, in the sole discretion of Executive. For purposes of this Agreement: (i) a termination of employment by Executive under clauses (a) through (c) above shall constitute a termination of employment by Executive for “Good Reason;” and (ii) a termination of employment by Executive under clause (d) above shall constitute a termination of employment by Executive “without Good Reason”.